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and political breakthrough? then if president obama and john boehner can rise above and get a deal done for the fiscal cliff, there is a lot of money that could be made in stocks. and why shouldn't top military and business leaders maintain an honorable code of conduct? isn't it better to have a moral center? general david petraeus is a great man. but he made, unfortunately, a great mistake. first up, are we on the verge for american oil revolution? according to the international energy agency, the u.s. will overtake saudi arabia as the world's largest oil producer that before the year 2020. but -- don't get your hopes completely up as the epa could block this fantastic market-driven advance. nobody better to talk about it is john hofmeister. john, it is a pleasure to have you here. now, is it credible, first of all the report, we will overtake the saudis? >> report is credible. the iea is smart, good analysts. we have the reserves, no question we have the reserves. in the ground today. number two, we have the technology to get the reserves out of the ground. and number three, we have t
cuts. the sequester has been called off. mr. boehner would like a down payment on entitlements. i don't see that happening. to me remember it used to be 3-1 or 4-1 spending cuts to revenue increases. right now it looks to me like it's 10-1. 10-0. $10 of revenue hikes and no spending cuts, jimmy pethokoukis. >> i think what we're going to get at the end of the day, you're going to get a lot of tax increases, and then you're going to get a lot of promises about caps and mechanisms. be careful of the word "process." there's going to be a process in place for looking at further spending cuts. or entitlement reform. but that's all going to be like tomorrow, the day after tomorrow, the 12th of never. what we're going to get right away are tax increases in an economy that's going to be really slow. it was slow last year, slow before. the economic reports out today, terrible. and we're going to try a little experiment about raising taxes in a lousy economy. hop it works. >> jared, jimmy's got a point. the industrial production number, no matter how you slice it, with the hurricane or without
boehner today or not? >> no. this was no olive branch, larry. i was quite disappointed with that speech and press conference. and you noted that the stock market really collapsed as president obama was speaking because he seems not just today but the event that he had on friday, the two statements that he's made, he's been pretty emphatic that he wants those tax rates to go up, come hell or high water. that is going to lead to a mexican standoff with the republicans if he sticks with that position. i'd like to make one other point about that press conference, larry. i listened to the whole 45 minutes to 60-minute press conference, and not once that i could hear in that speech did he talk about the most important thing, which is cutting government spending. why don't we get the government spending down and then talk about raising taxes? >> you know, if you google up spending and obama, you know what you get? nothing. blank pages. you get nothing. >> in fact, larry, he said he wants his $100 billion stimulus, he wants more spending when he's talking -- trying to talk about lowering the de
last year between boehner and obama really focused on $800 billion figure. now the white house is floating a much larger number. how do those ceos react? how do we get those negotiations going inside the room with the president here at the white house today. >> able, how much do you believe that the ceos are really going to be able to sway the president on some of the issues that maybe he has been less flexible on in the past? >> i don't think this is about swaying the president at all. i think this is about face time with the president. i think this is an effort by the two white house to demonstrate very publicly they've talked to all the plargs in the labor community yesterday and now the business community today. demonstrate they are taking in ideas from all sides. basically the positions are fairly well entrenched. in order for a final negotiation to go on it is going to be between boehner and the president, it will be something like what they were working on last year. if the ceos in today's meeting throat new ideas, there is a small chance that those will be included in t
, including the most important negotiating partner of all a, house speaker john boehner. >> the framework i've outlined in our meeting today is consistent with the president's call for a fair and balanced approach. >> i feel very good about what we were able to talk about in there. >> we're prepared to put revenue on the table, provided we fix the real problem. >> i feel confident that a solution may be in sight. >> and in terms of the nature of that solution, what was discussed in the meeting was a two-step process in which the leaders and the white house first agree on a framework, an amount of deficit reduction it, both tax increases and spending cuts, and then they kicked the filling in of those details into the early months of 2013. they would do that with a legislative mechanism that provides some assurance to the american people and to the financial markets, guys, that those blanks would be filled in by the time they need to to avoid the fiscal cliff. >> very big blanks. okay. thank you very much. david, a couple words we've heard here are hopeful and encouraged. are you feeling more
's about to happen in this building in an hour from now. speaker boehner, senator mcconnell, senator reid, democratic leader pelosi, all will come here and speak for a couple hours. day one of negotiations. nobody is expecting huge news but as jim has already tweeted out this morning, the market is going to look for signs that this tone of compromise that we've heard so much about all week long is that for real or are talks going to break down in early stages? the market specifically is going to depend on that tone today and we'll bring that live when the meeting happens a little after 10:00 a.m. >> we've seen reaction of futures to the possibility of a deal. we've been down for six of the past seven days but the dow this morning implied open is up 33 points. sapp looks s&p looks to add fiv. here we have italy down three-quarter percent and mixed bag for the rest. carl? okay. we're going to go to the road map this morning. that is where carl is in washington d.c. reports this morning that hard decisions surrounding deficit reduction could be kicked down the road until 2013 in favor of a s
't be enough of those to block passage. speaker boehner will put a coalition together of moderate companies, even some conservative republicans along with democrats to get a deal that has some increased revenue probably in marginal rate increases, also some deduction closing loophole closing, probably corporate tax rates will change tick lei larly on carried interest. he will sell it to enough people through the house while not risk it to those who have races in 2014 who might get a primary. he won't get so many defections he won't get a deal across. we shouldn't jump to the conclusion because there are still hard-line conservatives no-tax increase republicans in the house that they dominate now, they don't dominate. >> ben white, interesting analysis. >>> just heard ben white thinks we're going to get a deal done but right now america's economy is still being held hostage. the fact that washington is on vacation -- not helping. eamon javers is live on capitol hill where congress isn't. eamon. >> that's right. look behind me. see if you see any members of congress. they're not here, they're
'll play their hand i think to their full advantage. >> what kind of hand does john boehner have? where sg it leave him and his ability to control the tea party wing? >> it actually puts skron boehner in a good position because during the debt ceiling talks last year, he had a lot of push back from the very far right of his party in the house. the tea party caucus, for example. this time around we won't see the same dynamic at all because the tea party caucus and far right have lost a lot of political capital in light of the election. so what we've already seen is speaker boehner talking to republicans in the house, putting his foot down early and saying we're not going to have that same push back we saw. instead, i'm going to tell you what we're going to do and what this deal is going to look like and you'll fall into line. >> he got criticism because he negotiated a deal and then went back and tried to sell to the party. does he naed to do he need to d way around, get a set position and then go into discussions? >> i think that is the thinking this time around. and he has certainly recog
back and forth. you had boehner's position from the -- >> i don't want to anger the viewers, you but i think they're looking at obama's words the same way they look it at the polls with the kind of sense of here's what i want to believe. >> if they lose, do they go along with that and say we will accept that or do they push it over the fiscal cliff. you have people on the right and the left who are saying go over. >> in the press conference yesterday, my read of what obama said was we're raising the rates and we're put a structure for eliminating entitlements. >> correct. but if we're talking about rates, if you were playing joe, you would hear that the argument would be that this will never actually work. republicans won't go loochialon it. so some people were suggesting maybe there is a way to do 35% and get rid of deductions. >> but remember was it geithner on -- today is thursday. so this would have been tuesday. he said people are diluting themselves to think we can get where we need to get with loopholes. and i don't know about the right max, but my understanding is i don't think
with both speaker boehner and president obama coming out talkital talking about the fiscal cliff. this week we'll see a round of negotiations capped off by a meeting at the white house between congressional leaders and executive branch coming up on friday. where are they going to end up? there are a lot of solutions kicking around town. the final deal is probably going to end up looking like at least one of these different proposals. let me walk you through four of them here so you get a sense of where we might be headed starting with the simpson bowles plan. they would cap the mortgage industry deduction at $400,000. they would also tax capital gains and dividends as ordinary income and they would have the employer sponsored health care exclusion phased out. that would be a big tax increase there. another plan that's floating around out there, you would see mortgage interest deduction limited to $25,000 of interest. capital gains and dividends here also taxed as ordinary income and the state and local tax deduction would be repealed. the gang of six plan is another one that's kicking aroun
week of speaker boehner's references to an openness to increasing revenue to the government. whether this was an affirmative desire to do that as a result of a tax reform or sort of a secondary effect of reducing rates and creating more economic growth is a little bit unclear here, but how encouraged are you from the words that the speaker has been saying and that others on the gop side have been saying about an openness really to raising revenue as part of a bargain? >> well, the tone was right. i think that that is something that certainly should be being a flojed. because there is no question when you heard the language after the statement we want to -- we're willing to see new revenues, what speaker boehner said and what the republicans are saying is that in fact the revenues can only come from economic growth. now of course as democrats we also believe in economic growth, growing jobs but we also say that we do need some hard revenues in the short term if we're going to be serious about bringing down this deficit and creating some stability for the business community and for con
from john boehner and -- >> yeah, from boehner i am. the president has now painted himself -- painted those guys in to -- how many times has he drawn a line in the sand about that high right on 250. he's made a point and he can't possibly go back on that now, can he? >> i think he can. look, i think he's drawing a line on getting money from those people, there people making 250 and above. but he hasn't drawn a line on how he gets that money. he's said at his news conference i'm skeptical that you can do enough in loopholes and exclusions to get the money that we need for a deal from that group. but he also said i'm open to new ideas. so if there is in fact an effort to close some loopholes that gets you some of the way there, you can certainly see the president, i could anyway, compromising somewhere between 35 and 39.6 on a slightly higher rate. if shall be caomebody came up w source of revenue which didn't change the distribution of the tax burden, figure out a way to do it without a top rate. i kind of expect what's going to happen is loophole closing and you end up at like 37 ors
with boehner. but might be the beginning of bargain point. but you get 820 billion. so there's another 800 billion. at this point, the others are saying no cuts to medicare, social security, or anything else. and they have to find another 800 billion. >> the president did not say -- >> we know he has to cut some of those. >> my guess is the gop is saying they're looking at a trillion dollars as the number. >> and you saw what paul ryan said. the house was re-elected. so people re-elected those people in the house for a reason. it's a nonstarter. it's not going to happen. it's not going to be 1.6 billion. 1.6 trillion. to get to four trillion, that would be 2.4. so we said that. he'll go not 3-1 like simpson bowles. he's go one and a half to one. >> that's not going to happen either. >> but what bothers me -- >> the problem is nothing is going to happen. >> what bothers me is i do think you can get to a point where you raise taxes too much and you don't cut spending enough, where you're just funding entitlements by raising taxes and you don't do anything about it. if he had his way, i reall
Search Results 0 to 12 of about 13